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Beyond Meat becomes the first multinational company focused solely on plant-based meat production to open its own production facility in China
SHANGHAI, CHINA - Media OutReach - 7 April 2021 - Beyond Meat, Inc. (NASDAQ: BYND), a global plant-based protein company, today announced the grand opening of its new state-of-the-art manufacturing facility in the Jiaxing Economic & Technological Development Zone (JXEDZ) near Shanghai. As Beyond Meat's first end-to-end manufacturing facility outside the U.S., the cutting-edge plant in Jiaxing is expected to significantly increase the speed and scale in which the company can produce and distribute its products within the region while also improving Beyond Meat's cost structure and sustainability of operations.
Designed to serve China's growing plant-based meat market, the facility will produce Beyond Meat's innovative range of plant-based pork, beef and poultry products, including Beyond Pork™, the company's first innovation created specifically for the Chinese market. By producing closer to the consumer and leveraging local supply chains, Beyond Meat is investing in the growth of the plant-based meat category in China and the facility underscores the company's commitment to China as a region for long-term growth. In addition to scaled production to support the company's expanding retail and foodservice business within China, the facility will also feature R&D capabilities to create unique product offerings and support Beyond Meat's local strategic partners.
"The opening of our dedicated plant-based meat facility in China marks a significant milestone in Beyond Meat's ability to effectively compete in one of the world's largest meat markets. We are committed to investing in China as a region for long-term growth, and we believe this new manufacturing facility will be instrumental in advancing our pricing and sustainability metrics as we seek to provide Chinese consumers with delicious plant-based proteins that are good for both people and planet," said Ethan Brown, CEO and Founder of Beyond Meat.
The announcement comes just one year after the company first entered mainland China through a nationwide partnership with Starbucks China. Within its first year in the market, Beyond Meat has expanded menu offerings at Starbucks China and has partnered with well-known foodservice and retail brands including KFC, Pizza Hut, Jindingxuan, GangLi Beijing, Slow Boat Brewery, Hema, METRO China and more. The facility is intended to pave the way for Beyond Meat to efficiently scale-up to meet future needs and demand.
"The plant-based meat market in China continues to expand and Beyond Meat has been enthusiastically met by local consumers who are looking to live a healthy and sustainable lifestyle. The opening of the new Jiaxing plant is expected to enable us to quicken the pace of innovation and roll out our products at the speed and scale needed to remain highly competitive within the region," Candy Chan, General Manager for Beyond Meat in China.
Beyond Meat's strict ingredient guardrails and commitment to making products utilizing simple, plant-based ingredients without GMOs has enabled the brand to expand product distribution throughout China and around the globe with ease and speed. In addition to the opening of the new manufacturing facility in the JXEDZ region, Beyond Meat will also be opening its first owned manufacturing facility in Europe this year in an effort to make plant-based meat more accessible to all.
About Beyond Meat
Beyond Meat, Inc. (NASDAQ: BYND) is one of the fastest growing food companies in the United States, offering a portfolio of revolutionary plant-based meats made from simple ingredients without GMOs, bioengineered ingredients, hormones, antibiotics, or cholesterol. Founded in 2009, Beyond Meat products are designed to have the same taste and texture as animal-based meat while being better for people and the planet. Beyond Meat's brand commitment, Eat What You Love™, represents a strong belief that there is a better way to feed our future and that the positive choices we all make, no matter how small, can have a great impact on our personal health and the health of our planet. By shifting from animal-based meat to plant-based meat, we can positively impact four growing global issues: human health, climate change, constraints on natural resources and animal welfare. As of December 31, 2020, Beyond Meat had products available at approximately 122,000 retail and foodservice outlets in over 80 countries worldwide. Visit www.BeyondMeat.com and follow @BeyondMeat, #BeyondBurger and #GoBeyond on Facebook, Instagram and Twitter and @BeyondMeatOfficial on TikTok.
Beyond Meat Forward Looking Statements
Certain statements in this release constitute "forward-looking statements." These statements are based on management's current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results. These forward-looking statements are only predictions, not historical fact, and involve certain risks and uncertainties, as well as assumptions. Actual results, levels of activity, performance, achievements and events could differ materially from those stated, anticipated or implied by such forward-looking statements. While Beyond Meat believes that its assumptions are reasonable, it is very difficult to predict the impact of known factors, and, of course, it is impossible to anticipate all factors that could affect actual results. There are many risks and uncertainties that could cause actual results to differ materially from forward-looking statements made herein including, most prominently, the risks discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 filed with the U.S. Securities and Exchange Commission ("SEC") on March 1, 2021 as well as other factors described from time to time in Beyond Meat's filings with the SEC. Such forward-looking statements are made only as of the date of this release. Beyond Meat undertakes no obligation to publicly update or revise any forward-looking statement because of new information, future events or otherwise, except as otherwise required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.
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